Contactless payment is now ubiquitous, with 1 in 4 card payments being contactless. The innovative and easy to use payment method has revolutionised how we pay for our items, massively reducing our reliance on cash. However, it is still a new technology – especially in the wearable form factor we offer – and new technology always raises concerns. Customer trust and transparency is always our priority, so below you can find a comprehensive guide on the safety of our payment accessories.
The most prevalent concern around contactless payment comes from reports of fraudsters bumping into someone on the street, or staying at a distance, emptying bank accounts as they walk past. In the UK, there have been no confirmed reports of money being stolen from a contactless card in the holder’s possession. Contactless payment requires a card to be in very close proximity to the device reading it, and all contactless payments are held to the same checks and security standards as a Chip & PIN payment. This means retail accounts are heavily monitored for fraud, and any money lost is fully protected by your bank. Unlike cash, if someone did manage to remove one of our K-pay bracelets from your wrist (already a far more difficult task than taking your wallet/purse), with our one-step deactivation you can ensure they don’t get a single penny of yours.
Other concerns include the possibility of an accidental legitimate payment, for example paying for someone else’s shopping as you walk by or accidentally paying twice if you were to have your card and K-pay wearable on you at the same time. As aforementioned, a contactless card or wearable can only work within a proximity of 1 or 2 centimetres to a device and card machines of any kind can only process one payment on one card at a time. This means it is next to impossible for you to accidentally pay for someone else’s shopping or your own.
One question that has become more common in recent months is the hygiene of contactless payment. Contactless payment may actually be the safest way to pay in the current climate, especially with our wearables. Cash passes hand to hand an uncountable amount of times and loose change and notes are very difficult and time-consuming to clean, and it is extremely likely any change you would receive would have been cleaned. Chip and PIN require you to touch the same card machine as many others. Our wearables require a simple flick of the wrist, are hypoallergenic and can be easily cleaned with a soft cloth.
With these questions answered, we hope you feel safe and secure in choosing a K-pay wearable as your method of for contactless payments. Whilst to many, contactless payment may still feel new, the security of your bank is tried and tested and will keep your money safe, your wrists stylish and your pockets free.